If you’re planning to sell your home, now is the time. If you’re trying to buy a home, you’ve got to act fast.
In the past few months, nearly 6,000 homes locally have been sold; that’s up 16 percent from the same time last year. New listings have also increased by 10 percent from year-to-year.
Toni Connors, the President of the Greater Rochester Association of Realtors, says homes seem to be flying off the market. "We’re talking within days that it hits the multiple listing service. Buyers are pre-approved and they are ready when they find what they want," she says.
Inventory is low so if you’re a buyer you have to be ready,
"The offers come in sometimes two or three at a time,” Connors tells News10NBC.
In fact, she adds, a recent bidding war over one home in Pittsford netted the seller nearly $30,000 over his asking price. If you’re a buyer, realtors say you should be pre-approved before you even start looking. You’re also going to have to be flexible with your expectations and ready to act fast.
Many buyers are calling on contractors to help. "A lot of clients are having a hard time finding the right house, as soon as they walk in, there is an offer on the table by the time they leave and usually it's higher than what the purchase price is. A lot of people buy what they can get and then they say, 'I want to rehab it to add a bedroom, expand a kitchen” or whatever it is that they're looking to accomplish,'" says Jeff Koch, the owner of ROC Rehab.
So, if you’re looking now you may have to get creative since many sales are turning into a competition. "Our housing market is one of the best for prices, what you get for your money so I think [buyers] are finding that coming from all over the country,” Connors says.
Hot spots around Monroe County according to GRAR were Wheatland/Mumford/Scottsville, East Rochester and Hamlin, which all saw dramatic gains in terms of closed sales in comparison to the first quarter of 2015.
Property values in the communities of Wheatland/Mumford/Scottsville, Ogden/Spencerport, and the City of Rochester all showed solid gains in median sales price.
The Rochester Home Builders Association also reported 133 new single-family home building permits in Monroe County for the first quarter of 2016, up slightly compared to last year.